Writer: Laura Gariepy
Editor: Jon McDonald
Reviewer: Ashley Fricker
Disclosure: When you apply through links on our site, we may earn a referral fee from our partners. For more, see our ad disclosure and review policy.
Capital One’s celebrity endorsements are genius. From Samuel L. Jackson’s booming voice describing credit card benefits to Jennifer Garner’s not-so-casual wearing of branded pajamas in one of her videos, the company’s identity is bold, hilarious, and memorable.
That’s probably why, when I needed a new credit card to help me rebuild my credit, I instantly thought of Capital One. I was pleasantly surprised to discover the Capital One QuicksilverOne Cash Rewards Credit Card, which offers a competitive flat-rate cash back amount on all purchases.
I had figured that someone with blemished credit, like me, couldn’t qualify for a rewards account. But I’m glad I was wrong!
If you’re thinking about applying for the Capital One QuicksilverOne Cash Rewards Credit Card, read on. I’ll explain all of the card’s many upsides, let you know my honest opinion about its downsides, and give you step-by-step instructions to open an account if you decide the card is right for you.
Why I Chose the Capital One QuicksilverOne Cash Rewards Credit Card
I’m a relatively new cardholder, having opened my account about eight months ago. I didn’t have a clear plan for the card when I applied. I just knew it was going to be part of my credit rebuilding campaign (and help me earn a little cash back).
My initial credit line was only $300, and over the past few months, I’ve used the card to cover small purchases, including:
- Restaurant meals
- Department store buys (the latest being some new makeup)
- Training courses on topics of interest (generally business, finance, or mindset-related)
While I have carried a balance from month to month at times (being self-employed, my income can be unpredictable), I’ve made sure to keep my account current and pay at least the minimum amount due. Otherwise, having the card would hurt my credit, not help it.
Side note: I realize the interest charges I accrue far exceed any cash back that I earn. In the months I don’t pay interest, though, it’s nice to put a few coins back in my wallet.
There are a couple of things I don’t particularly like about the card. The credit limit is, well, limiting (but that’s due to my past credit mistakes). Plus, Capital One charged the annual fee as soon as I opened the account, which instantly decreased my purchasing power. However, I hope to earn a credit limit increase soon with continued responsible use.
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or limits to how much you can earn, and cash back doesn’t expire for the life of the account. It’s that simple
- Be automatically considered for a higher credit line in as little as 6 months
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- Help strengthen your credit for the future with responsible card use
- Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
- Monitor your credit score with CreditWise from Capital One. It’s free for everyone
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you’re all set
- Top rated mobile app
As for my longer-term financial plans, I’ll probably keep this card until my credit score hits the “excellent” tier, which will qualify me for a card with no annual fee, a lower APR, a higher rewards rate, better cardholder perks, or some combination of those benefits.
As a loyal, repeat Capital One customer (the company graciously re-extended credit to me even after a default), I’ll likely pursue another account from the issuer, such as the Capital One QuicksilverOne Cash Rewards Credit Card or the Capital One Savor Cash Rewards Credit Card.
Benefits and Perks
My Capital One QuicksilverOne Cash Rewards Credit Card has many benefits and perks. Here are some of the ones I find most valuable:
Competitive Cash Back
I love how I earn 1.5% cash back on every purchase I make with my Capital One QuicksilverOne Cash Rewards Credit Card. While earning cash back isn’t a get-rich-quick scheme, it is pretty neat to get something in return for obtaining goods and services I was already going to buy.
Capital One also gives me opportunities to earn even more cash back on select spending. For example, if I book a hotel stay or rental car reservation through Capital One Travel, I’ll get 5% back. I’ve also had access to 5% cash back promotions on purchases made through Capital One Entertainment.
So, keep an eye out for cash back boost opportunities in the future.
Helpful Mobile App
I frequently use the Capital One mobile app to check my account balance, available credit, and rewards balance. It also helps me remember my payment due date and houses my account statements and lists of my recent transactions.
I also use it to pay my bill, redeem my rewards, and get help with my account if I need it. The app is easy to navigate, and I’ve never experienced any glitches while using it to service my account.
CreditWise® Credit Monitoring
I’m continually impressed by Capital One’s CreditWise® credit monitoring tool, which can be accessed via the mobile app or by logging into the account online. And it is also free for anyone, not just Capital One cardholders.
Here’s what I can do with it:
- See my current and historical FICO 8 credit scores — and the factors that may have caused my score to change recently
- Review my TransUnion credit report for accuracy
- Use the credit simulator to learn how various financial behaviors could impact my credit score
Since my primary reason for having this card is to rebuild my credit, this tool is an invaluable resource for this journey.
Responsive Customer Support
While I’m disappointed that Capital One doesn’t offer live chat for customer support (I like to multitask!), I’m very satisfied with the communication channels the company has. When I have a quick question (or one that pops up in the middle of the night), I usually turn to the company’s virtual assistant, Eno.
Available 24/7 online or via the mobile app, Eno can help me with most things related to my account. For instance, I asked it about a credit line increase, and it gave me a link to the form to request one. (I wasn’t approved for it at the time because my account was too new.)
If I need to talk to a human, I can call the customer service number on the back of my card and expect live service between 8 AM and 11 PM EST. I haven’t had a reason to contact the company by phone yet, but to gauge the response time and quality of service, I made a test call to the company before writing this review.
After answering a few quick automated prompts, I was greeted by a friendly representative within two minutes who quickly and accurately answered my question about rewards redemptions.
Transparent Fee Structure
Like everyone else, I hate to pay fees, but I appreciate Capital One’s transparency about the charges associated with my account. When I applied, I knew I’d have to pay an annual fee and that I’d have to pay a fee for a cash advance or balance transfer (not that I’m planning to initiate either).
Plus, while I don’t think I’ll be jetsetting to an international location anytime soon, I was pleasantly surprised to see that the Capital One QuicksilverOne Cash Rewards Credit Card has no foreign transaction fee.
Automatic Credit Line Reviews
My paltry $300 credit line doesn’t cover much now, but I know that as my credit score improves, there’s a good chance I can qualify for an increase.
Capital One automatically reviews my account for eligibility, so I don’t have to request an increase. And that review can come within six months of getting the card.
Protective Security Measures
While they may not be entirely unique to this card (or to Capital One), I appreciate the security features my account has, such as:
- $0 fraud liability if my card is lost or stolen
- Activity alerts so I get a quick heads up if there’s anything suspicious going on
- The ability to lock my card to prevent unauthorized use
I can also request an emergency card replacement if I ask myself, “What’s in my wallet?” and then realize, “Not my Capital One QuicksilverOne Cash Rewards Credit Card!” Fortunately, I’ve never had to use any of these security measures, but I’m glad they’ll be there when I need them.
What Credit Score You Need to Qualify
When I got the Capital One QuicksilverOne Cash Rewards Credit Card, my credit score was around 600, which is on the lower side of fair, according to the FICO credit rating model.
Capital One doesn’t publicly share what credit score you need to qualify for the card, but it does classify the account as suitable for applicants with fair credit. Based on my credit score at the time of application and where it fell on the FICO scale, I’d say the company’s classification is accurate.
| FICO Score Categories | Score Range |
|---|---|
| Exceptional | 800-850 |
| Very Good | 740-799 |
| Good | 670-739 |
| Fair | 580-669 |
| Poor | Below 580 |
So what does Capital One think fair credit means? The company’s credit level guidelines say that fair credit is characterized by having a short credit history (less than three years) or defaulting on a loan within the last five years.
I’m 40 years old with credit card debt, student loans, a car loan, and a mortgage, so I’m no stranger to debt. However, due to a personal tragedy a few years ago, I fell behind on my financial obligations, defaulted on several debts, and am currently rebuilding my credit standing. Capital One is helping me do that.
How to Apply (A Step-by-Step Guide)
Applying for the Capital One QuicksilverOne Cash Rewards Credit Card on the Capital One website is pretty easy. I’ll walk you through the process in this section.
Please note: I didn’t actually apply for the card here. These screenshots are for illustrative purposes, and I stopped short of submitting the application.
Step 1: My Full Legal Name
I enter my full legal name, and then click “Continue.” Current Capital One customers can also sign in, and the system will pre-fill parts of the application.
Step 2: My Citizenship Status
I answer questions about my citizenship status in the United States and other countries, and click “Continue.” This information helps Capital One verify my identity.
Step 3: My Residential Address
I enter my residential address (it must be a street address, not a P.O. box), and click “Continue.” (If you receive your mail at a different address, you can click the link to add a mailing address.)
I live and receive my mail at the same location, so I didn’t need to complete that part of the step.
Step 4: Email Address and Phone Number
I add my email address and phone number and select what type of phone number it is (mobile, home, or work). Then, click “Continue.”
Step 5: My Employment Status
I choose the option that best describes my employment status, and enter what I do for a living in the “Occupation” field. Then, click “Continue.”
Step 6: My Income and Monthly Rent/Mortgage Payment
I enter how much I earn each year and how much I pay each month to keep a roof over my head. Then, click “Continue.”
Generally, my annual income includes cash inflows from a job, business, investments, retirement account, or public assistance. If someone else regularly pays my bills, I can also include their income.
Step 7: Information on My Bank Account and Cash Advances
I choose the option that best describes what bank accounts I have. I can also specify whether I plan to use the card for cash advances, but that question is optional. Click “Continue” to proceed to the next screen.
Step 8: My Date of Birth and Social Security Number
I enter my date of birth and Social Security number (SSN) or Individual Tax Identification Number (ITIN). Then, click “Continue.” This information helps Capital One verify that it’s really me applying for the card.
Step 9: Review and Verify My Information
I review all of the information I entered in the application. If something doesn’t look right, just click the “Edit” button beside the mistake to fix it.
Step 10: Additional Agreements
I click “Agreements” and read through the “Electronic Communications Agreement” and the “SSN Verification Authorization.” Then, click the checkbox beside each.
The first checkbox gives my consent to receive digital communication about my credit card application and account (if approved). I can withdraw this consent later and receive paper documents. The second checkbox allows Capital One to verify my SSN or ITIN with the government to prevent a fraudulent credit card application.
Below these boxes, I can also choose my preferred language (English or Spanish) to receive communications about my credit card.
Step 11: Read Through Disclosures and Acknowledgements
I review the account terms carefully to ensure I’m comfortable with them. I can also download the document to my device or print it for future reference. I chose not to do either. I have enough physical and digital clutter to deal with!
Step 12: Submit the Application
Now it’s time to read and agree to the “Privacy and Opt Out Notice,” confirm the application is correct, authorize the company to check my credit and employment history, and use a third-party service to verify my identity through my cellphone records. Then, I click “Submit my application.”
When I applied, I received a decision within a few moments of hitting submit. However, be prepared to provide additional information if the card issuer asks.
See If You’re Pre-Approved in 4 Steps
I didn’t go through the pre-approval process, but I almost wish I had because I could have seen my odds of securing several different cards at once. Here’s how it works:
- Navigate to the credit cards for fair and rebuilding credit and click “See if I’m preapproved.” Doing so will take you to the screen above.
- Click “Get started” and answer the same questions as you would to apply for a specific card.
- See which cards Capital One thinks you’ll qualify for (including the Capital One QuicksilverOne Cash Rewards Credit Card — you may have to hit the arrow on the screen above to see it).
- Choose the best card for your financial situation and goals, and click the button to apply for it. You may receive an instant decision or have to submit additional information.
Getting pre-approved doesn’t impact your credit score because it involves a soft credit check. However, officially applying for a card will result in a hard credit inquiry, which could cause your score to drop slightly.
What Credit Limit to Expect
Capital One doesn’t publicly share a credit limit range you can expect on a Capital One QuicksilverOne Cash Rewards Credit Card. However, cardholders on Reddit have shared their initial credit lines, which fall between several hundred and several thousand dollars.
Since I just opened my account earlier this year, I still have the initial credit line of $300. However, I expect this amount to increase over time with responsible use. If the company doesn’t automatically increase my limit, I’ll request a boost on my one-year card anniversary.
Your initial credit line will depend on several factors, including your:
- Credit score. A higher score may mean a higher spending limit — and vice versa.
- Debt-to-income (DTI) ratio. Your DTI ratio represents the percentage of your income that goes toward servicing your debt. A lower ratio may show Capital One that you can comfortably afford to repay a higher balance and, thus, deserve a higher limit.
- Credit utilization ratio. Your CUR is how much of your existing credit lines you’re using, expressed as a percentage. A lower ratio indicates that you don’t max out your cards, which may show the card issuer that you can handle a higher limit responsibly.
Pro Tip: If you don’t know your credit score, you can check it for free via Capital One’s CreditWise® – even if you’re not a current Capital One customer.
How I Like to Redeem My Rewards
Since I haven’t had my Capital One QuicksilverOne Cash Rewards Credit Card for a long time, and my credit limit is low, I haven’t been able to rack up a lot of cash back. However, I have been able to reduce my account balance by a few dollars via a statement credit.
While Capital One offers many rewards redemption methods (more on those in a minute), I can’t see myself using my cash back any other way. There’s something very satisfying about watching my bill go down without having to make a payment from my checking account — even if it’s only by a small amount.
It’s worth noting, however, that redeeming cash back for a statement credit doesn’t replace my minimum payment due. I must still make that required payment on time to keep my account in good standing.
Now, on to those other redemption methods. When you’ve accumulated a nice chunk of change in your cash back account, you can swap it for:
- A check (if I want to kick it old school). Capital One will mail a paper check for my rewards account balance.
- A gift card. I can choose from a long list of restaurants, retailers, and other popular places.
- A vacation. I can use my cash back to book flights, rental cars, and hotels through Capital One Travel.
- An experience. I can redeem my cash back for tickets to concerts, sports, and other events through Capital One Entertainment.
- A recent purchase. I can apply my cash back to a prior purchase, reducing what I owe (which is eerily similar to redeeming for statement credit).
- A new purchase. I can use my cash back directly on Amazon.com or via PayPal when I check out.
Do you have a Capital One card that earns airline miles? If so, you can also transfer your cash back to that account, converting it to miles.
I don’t have a miles card, but if I did, I’d probably consider doing this. It’s a great option for travel savings.
No matter which way I use cash back, the redemption process is easy. While using the mobile app, I simply tap “Rewards Cash” and then choose my preferred method. While logged into my account online, I click “View Rewards” and then select the option I want.
So, which is the right redemption method for you? The best way to redeem your cash back depends on your lifestyle and goals. For example, if you’re a super saver, you may lean toward a check or statement credit.
On the other hand, if you like to splurge a little, you might decide to get a gift card to your favorite restaurant, put it toward a concert ticket, or use it for a trip.
Pros and Cons
Sometimes it helps to see things listed out. That’s why I put together this quick comparison of the benefits and drawbacks of the Capital One QuicksilverOne Cash Rewards Credit Card:
Pros
- Earn unlimited 1.5% cash back on every purchase, and rewards never expire.
- Redeem cash back in several ways, including statement credit, gift cards, and many other options.
- On-time payments can help build credit.
- Automatic reviews for credit limit increases.
Cons
- Charges a $39[annual fee shortcode]
- Your annual percentage rate (APR) will likely be high.
- No live customer service online or via the mobile app. You must call or use Eno, the chatbot.
You’re likely eligible for this account if you have fair credit, but it’s smart to go through the pre-approval process. Hopefully, weighing the pros and cons will help you decide if this card is the best fit for you.
Other Cards Worth Considering
The Capital One QuicksilverOne Cash Rewards Credit Card is a great choice if you have mediocre credit but still want to earn some cash back. However, it’s not the only game in town these days as more issuers have cards specifically designed for folks who fit that profile (like me!).
Here are two other options you may want to check out:
The Petal® 2 Visa® Credit Card
With the Petal® 2 Visa® Credit Card, you’ll earn 1%-1.5% cash back on all purchases and up to 10% cash back at select merchants.
You also won’t have to pay annual, late payment, returned payment, or foreign transaction fees.
And, like the Capital One QuicksilverOne Cash Rewards Credit Card, you may be able to earn a credit limit increase if you pay your bill on time for six consecutive months.
The biggest downside? Your APR could be as high as 30.99%, making it very expensive to carry a balance.
The Upgrade Cash Rewards Visa® Credit Card
With the Upgrade Cash Rewards Visa® Credit Card, you’ll also earn 1.5% cash back on all purchases.
However, each purchase will have its own fixed interest rate and repayment term (similar to a personal loan), helping you budget for your bill and follow a clear path to debt freedom.
You’ll also enjoy all of the benefits of a Visa Signature credit card, such as price protection, extended warranties, and travel and emergency assistance.
So, what’s not to like? While you won’t have to pay an annual fee, you will have to pay a foreign transaction fee (up to 3%) while using your card abroad and a late fee ($29) if you miss a payment.
Would I Recommend the Capital One QuicksilverOne Cash Rewards Credit Card?
I know I’ve said this already, but it bears repeating: I’m grateful for the Capital One QuicksilverOne Cash Rewards Credit Card because it’s helping me rebuild my credit and giving me a little something back every time I use it.
With my past credit missteps, I wasn’t sure I could even qualify for another credit card, let alone one that offered cash back.
But this card can work well in other scenarios, too. For example, if you’re new to credit, this card can help you jump-start your credit-building journey. Consistent, on-time payments will boost your score and likely result in increased purchasing power.
I’m grateful for the Capital One QuicksilverOne Cash Rewards Credit Card because it’s helping me rebuild my credit and giving me a little something back every time I use it. With my past credit missteps, I wasn’t sure I could even qualify for another credit card, let alone one that offered cash back.
Plus, if you spend more than I do, you could rack up a meaningful amount of cash back. For example, if you use your account to cover $2,000 worth of bills and purchases every month, you’ll earn $360 in cash back each year ($2,000 x 0.015 x 12). That’s enough to cover a couple of nights on the town or even a plane ticket.
Other rewards credit cards may offer a higher cash back rate (flat or category-specific) and more robust benefits. However, a higher credit score is typically needed to qualify for those accounts, putting those perks out of my reach — at least for now.
Plus, Capital One has been good to me over many years and multiple stints as a customer, making the Capital One QuicksilverOne Cash Rewards Credit Card the right choice for me. And I’d wholeheartedly recommend it if you are in a similar situation.
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